A bill to amend the Act of August 8, 1972 (Public Law 92-367) to provide Federal assistance to the States for the development and implementation of effective dam safety programs, in order to protect human life and property.

[AI summary unavailable — showing source text] Amends the Act providing for a national dam inspection program to repeal the provision limiting the coverage of such Act to dams of a specified size. Exempts dams located in States with an approved dam safety program from the Secretary of the Army's national inspection program. Authorizes appropriations to carry out such Act through fiscal year 1982. Sets forth the formula for distributing such funds among the States. Directs the Secretary to provide assistance to States maintaining approved dam safety programs. Specifies the standards such program must meet. Directs the Secretary to provide guarantees to insurers in order to enable dam owners, in States with approved dam safety programs, to obtain liability insurance at reasonable rates. Requires the Secretary, with the Secretary of the Treasury, to report to Congress with any recommendations for a more comprehensive dam safety insurance program. Authorizes appropriations for a revolving fund to be used for loans to dam owners making dam repairs or other safety improvements. Authorizes the establishment of a Federal Dam Safety Review Board to be responsible for reviewing dam safety procedures and monitoring State implementation of…